US farmers to plant more corn, fewer soybeans - Monsanto

06 January 2010 21:13  [Source: ICIS news]

HOUSTON (ICIS news)--US farmers could plant more acres of corn in 2010 and fewer acres of soybeans, US agricultural chemical supplier Monsanto said on Wednesday.

“While it is a bit early to predict, we think growers will plant 88m acres [36m ha] of corn this spring, 1m more than in 2009, and 75m acres of soybeans, a little less than last year,” said Monsanto chairman and chief executive Hugh Grant.

Grant made his comments while discussing the company's quarterly earnings.

Monsanto reported first-quarter net sales during its fiscal first quarter of 2010 of $952.0m (€666.4m), a decrease of 36% from the same quarter a year earlier.

The decrease in sales was a result of lower sales of glyphosate-based herbicides, primarily in Brazil and Europe, Monsanto said.

Total sales for Monsanto’s seeds and genomics unit were $1.03bn, compared with $1.10bn a year earlier, a 6% decrease.

The sales decline was primarily attributed to a decrease in planted acres in Brazil and Argentina as a result of drought, government policies and commodity prices.

Sales in the agricultural productivity unit that includes Roundup herbicide and all other productivity products were $666m, compared with $1.55bn in the first-quarter of 2009.

The 57% sales decline in the productivity segment was attributed by Monsanto to a global supply-demand imbalance.

($1 = €0.70)

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By: Frank Zaworski
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